Highlights
- Power Capital Renewable Energy, in partnership with AIB, Bank of Ireland and Societe Generale, has successfully completed a project finance round to develop approximately 300MW of solar farms across Ireland.
- This agreement secures facilities of nearly 220M to support the development of seven projects ranging in size from 6.5MW to 153MW.
- The combined production of this portfolio will generate enough electricity to power over 70,000 homes per year.
All projects were awarded a tariff under the Department of Environment, Climate & Communication's second Renewable Energy Support Scheme (RESS 2) in 2022.
Projects have commenced construction and are set to be completed and operational in 2026, contributing significantly to the government's goal of generating 80% of Ireland's energy from renewable sources by 2030.
As part of the RESS 2 scheme, local communities will benefit from a contribution of 2 per MWh throughout the duration of the program.
Power Capital already has 230MW of fully operational projects since 2024 and continues to expand its portfolio, with an additional 400MW secured under the RESS 3 and RESS 4 schemes.
Power Capital: Justin Brown CEO says: "We have dedicated nearly 12 months to this transaction, encompassing seven solar projects across multiple counties and collaborating with various construction and finance teams to achieve a successful outcome. This is an outstanding achievement for Power Capital, our team and everyone involved. We are very excited to build on this success and advance our RESS 3 & 4 portfolio later this year."
AIB: Jim Arigho Director, Climate Capital says: "The rollout of utility scale solar energy generation is a vital component in Ireland meeting its Climate Action targets and complements wind energy generation. This financing is a milestone on that journey and AIB is delighted to work with the Power Capital team again in helping Ireland make the transition to a more sustainable future."
Bank of Ireland: Michael Lauhoff, Head of Specialist Banking, Corporate & Commercial commented: "Bank of Ireland is delighted to support Power Capital in reaching this important milestone. The debt package will finance the delivery of a scaled and diversified portfolio of solar assets which will directly contribute to decarbonising Irish energy. As a long-term financier of Irish renewables, the provision of capital to the sustainable energy market is a key strategic ambition for Bank of Ireland and we are proud to be part of these exciting projects."
Societe Generale said: "Societe Generale is delighted to support the development of Power Capital, one of the leading Irish renewables developers, and have worked alongside Power Capital, AIB, and Band of Ireland since the start to bring the financing to a successful close. The portfolio of solar farms could contribute towards Ireland's 2030 renewable generation targets and the development of renewable assets in the country."
ABOUT PCRE:
Power Capital Renewable Energy is an Independent Power Producer established in Ireland in 2011.
In 2020 Omnes Capital made a strategic investment in the company.
The company has since grown its Irish pipeline to over 5GW of solar and battery storage projects.
The Dublin based office has a growing team spread across engineering, finance, legal, environmental planning, and construction.
The company is continuing to develop solar projects in Ireland and is also developing grid scale battery storage sites. www.powercapital.ie
For Media requests please contact:
Avila Lipsett (PR Manager)
Email: avila@societypr.ie
Phone: +353868180190
